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Lufthansa and United weigh takeover of Portugal's TAP

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Lufthansa and United Airlines are considering taking over TAP-Air Portugal , a German newspaper reported on Wednesday.

[FRANKFURT] Lufthansa and United Airlines are considering taking over TAP-Air Portugal , a German newspaper reported on Wednesday.

Sueddeutsche Zeitung, citing unidentified corporate sources, said talks were not close to a conclusion and the process could take some time.

The three airlines, all members of the Star Alliance, declined to comment.

TAP, which was partly privatised in 2015, is 50 per cent-owned by the Portuguese state. Private consortium Atlantic Gateway, led by Brazilian-US airline mogul David Neeleman, has a 45 per cent stake. TAP employees hold the remaining 5 per cent.

Lufthansa earlier on Wednesday announced a cost savings programme, including a suspension of new recruitment, to counter the business impact of the coronavirus outbreak. 

REUTERS

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